San Francisco household sells for $1 million over asking price tag

A 4-bed room residence in a tranquil San Francisco neighborhood shocked real estate agents Richard Woo and Holly Phan when it offered for $1 million over its inquiring price three times just after it was stated, KPIX noted Friday. 

The residence, reportedly found west of Twin Peaks in close proximity to Mount Davidson, was originally detailed for just underneath $2.5 million but finished up promoting for $3.5 million, the agents told KPIX.

“We have been all very stunned, simply because they were not just over – they have been way about,” Woo mentioned of the features. 

The 2,400 sq.-foot home is newly updated and offers a two-auto garage, amazing views and shut proximity to mountaineering trails. But Patrick Carlisle, the chief market analyst for Compass, advised KPIX the overbid might be component of a rising trend in not only San Francisco but also the Bay Space location at large.

“It’s been 1 of the most ferocious marketplaces in historical past this previous calendar year,” Carlisle advised the outlet, describing that “limited housing inventory” has resulted in extra competitiveness between prospective buyers, which in change can cause rates to skyrocket. “Though a honest quantity of new listings have come on the market place, they’ve been snatched up a lot quicker than at any time – maybe at the fastest level in historical past. Nearly just about every phase in the Bay Region has absent bananas.”

And the sizing of the abode evidently doesn’t matter. Very last thirty day period, a 328 square-foot cottage in the Seabright community of Santa Cruz was outlined for $988,000 and ultimately swiped up for an all-income offer of $1 million just after numerous bids. The home has just one bed room and one particular toilet — with a transformed residing house in the garage — but listing agent Walter Stauss mentioned its prime location shut to the beach front was possible what led to so several delivers.

He extra that the housing market hasn’t slowed down at all he’s observed several Bay Location customers are eager on coming down to purchase key or secondary houses in Santa Cruz County.

“The function-from-residence detail has a bigger impact than anyone anticipated,” Stauss explained to SFGATE. “Silicon Valley is a large job market. The reality that people today do not have to commute anymore and can enjoy the Santa Cruz lifestyle is a significant offer. I don’t see that shifting at all.”

Before this calendar year, dozens of persons camped overnight on the sidewalk to invest in recently-crafted townhouses in Santa Clara costing $1.2 million. Vanguard agent Alan Thurma instructed SFGATE “the industry was sizzling likely into spring,” and the craze has been ongoing as several firms delay their strategies to return to the workplace.

According to the most current info from the California Affiliation of Realtors, sales of households in San Francisco County have greater by 27.5%, although median home charges have risen by $72,000 in the past month. 

SFGATE Nearby Editor Tessa McLean contributed to this report. 

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